As society shifts alongside political and economic fluctuations caused by COVID, people are looking for new places to live. Demand is high. Availability is moderate. There is no doubt that we’re in a seller’s market. Even so, is there a way to capitalize on 2021’s housing boom? Which home upgrades will give you the most bang for your buck before listing your property?
Regardless of where you live, a strategic plan will help you sell your home faster. The fewer resources you have to put into open houses and agent commissions, the more you have left for home upgrades and actual moving. It’s a complex balance of investments, especially for a property that you’ll be leaving. However, when done correctly, it could make you a lot of money, or at very least, set you up for financial success in your new home.
Predictions of this year’s housing market
Lawrence Yun, a chief economist for the National Association of Realtors, predicts that existing-home sales will climb 9% in 2021. In addition, he expects stable interest rates over the next few years.
Sellers should know that buyers care about resell value. Five years ago, houses valued at roughly 75-80% of what they are now. It could make reselling in the future unprofitable unless the home has adequate upgrades to sustain its longevity.
Which home upgrades should you do before selling?
We’ve all seen the moving van pull into our neighborhood, only to be followed by contractors. It’s a waste of funds on both ends. If you are paying to upgrade your home before selling, try to pick the projects that will stick. The following is a list of features that serve with universal appeal:
Fresh landscaping will go far. The appearance of your house accounts for about a third of its overall premium. If a professional landscaper is out of budget, there’s nothing wrong with a little sweat equity. Remove anything dead or in peril, including old shrubs, trees, and grasses. Additionally, edge and reshape your garden spaces.
Often, the tile we have is perfectly acceptable. It just looks worn because of the grout. A good deep clean, followed by a brighter color, could give your bathrooms and kitchens the vibrant pop they need. If you have grey lines, consider adding new white grout instead. Even if you go with the same color as before, removing the stains will do wonders.
#3: Lighting fixtures
Houses look better when they are brighter. Have you ever walked into a drab office and felt comfortable? You want the lighting of the home to be inviting. Most people do not like to walk into dark spaces. Moreover, we love these energy-efficient lighting upgrades. Not only do they save on electricity, but they also make the home look more modern.
On average, a window replacement costs anywhere from $150 to $750 per window. It’s a reasonable purchase that will increase your home’s selling price at only a moderate expense. Having new windows also helps with closing inspections. You’ll never have to worry about a buyer walking out because the home is not up to code.
Funding your home upgrades
By now, it’s clear that remodeling your home before selling is a good decision. However, what’s the best way to pay? You don’t want to spend your saved up cash because you need it for your next house’s downpayment. Why not try a HELOC instead?
A home equity line of credit from Achieva Credit Union can go towards funding home projects. You can even use it to pay closing costs on your next residence. With a HELOC, there’s tons of flexibility. Apply for home equity here, or call 727.431.7690 for more details.
Renovation is an investment
As you conduct your home upgrades, take the time to do your research. Professional contractors provide prompt service, but you’ll need a solid contract before proceeding. Renovation, even before selling, is an investment. There’s hard work, but it all turns out GOOD in the end.